Telegram-based cryptocurrency Notcoin (NOT) made a bold move on June 25th by burning a significant portion of its token supply. This strategic token burn eliminated 210 million NOT tokens, with a combined value of $3 million. The move sent shockwaves through the crypto community and directly impacted NOT’s price.
NOT Price Soars on Scarcity
The token burn significantly reduced the circulating supply of NOT. In basic economic principles, scarcity often leads to increased value. This held true for Notcoin, as the price surged by a staggering 16.40% to $0.0164 following the announcement.
However, the market experienced a correction in the following 24 hours, causing NOT to retrace slightly. Despite the pullback, the altcoin remains up an impressive 195% in the past month, solidifying its position as the top performer among large-cap tokens during a recent market downturn.
Rewarding Engagement: The Notcoin Explore Initiative
In addition to the token burn, the NOT team unveiled plans to incentivize user engagement through their “Notcoin Explore” initiative. This program allows projects to contribute NOT tokens to a pool and create campaigns within the Notcoin app.
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Users can then participate in these campaigns and complete specific tasks to earn NOT tokens as rewards. This two-pronged approach – reducing supply and boosting demand – aligns with founder Sasha Plotvinov’s long-term vision for the project’s growth.
Notcoin App: A Hub for Earning and Growth
Currently, the Notcoin project focuses on its mobile application. The app features interactive campaigns where users can earn NOT tokens by engaging with new Telegram games. The ultimate goal is to transform the Notcoin app into a central hub for launching other projects within the ecosystem.
In addition, this strategic move will further drive demand for NOT tokens and potentially lead to additional token burns in the future, solidifying Notcoin’s position in the ever-evolving crypto landscape.
